Bitcoin Holds $10.7K as Altcoin Market Bleeds; Two Reasons Why

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Bitcoin held steady on Wednesday even as a majority of top alternative cryptocurrencies, or altcoins, plunged considerably. BTC/USD eyes a retest of $11,000 ahead of Wednesday’s FOMC. Source: BTC/USD was up 0.3 percent to $10,816 per piece by 0423 GMT on a 24-hour adjusted timeframe. In comparison, Ethereum, the second-in-rank to Bitcoin, fell 4.09 percent. Other tokens, including XRP, Polkadot, Bitcoin Cash, BNB, and Chainlink, also dropped by 3-10 percent. The polar-opposite sentiment appeared as Bitcoin Dominance–a barometer to measure the benchmark cryptocurrency’s market cap against the rest of the crypto market–crawled further back to higher levels. As observers noted, the BTC.D chart was looking for a breakout of its own, despite not being a tradable instrument. BTC.D is heading for an upside breakout, according to analyst Lark Davis. Source: The latest green candles in the chart above displayed a capital influx into the Bitcoin market from the…

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